Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense for the year ended December 31, 2025 and 2024 were as follows:

	Years Ended
	December 31, 2025		December 31, 2024
Income (loss) before income taxes
Domestic net income before income taxes	$	494,006	$	186,527
Foreign net loss before income taxes	(2,025)		(9,622)
Total net income before income taxes	$	491,981	$	176,905
Current expense
U.S. Federal	$	60	$	247
U.S. State	38		135
Foreign	926		2,217
Total current expense	$	1,024	$	2,599
Deferred tax (benefit) expense
U.S. Federal	$	(578)	$	31
U.S. State	(146)		14
Foreign	474		1,176
Total deferred tax (benefit) expense	$	(250)	$	1,221
Total income tax expense, net	$	774	$	3,820

Schedule of Effective Income Tax Rate Reconciliation

The table below reconciles the difference between the 21.0% federal statutory rate and the Company’s effective tax rate of 0.2% based on net income before income taxes for the year ended December 31, 2025.

	Amount		Percent
Net income before income taxes	$	491,981
Federal provision at statutory tax rate	$	103,316	21.0	%
REIT income not subject to taxes	(103,094)		(21.0)	%
Rate differential	(83)		—	%
State and local taxes, net of federal benefit	(104)		—	%
Return to provision	23		—	%
Corporate interest restriction	507		0.1	%
Other non-deductible items	354		0.1	%
Prior period adjustments	(145)		—	%
Total provision for income taxes	$	774	0.2	%

Schedule of Cash Flow, Supplemental Disclosures

The table below details the Company’s income taxes paid, net of refunds received, for the year ended December 31, 2025:

	Year Ended
	December 31, 2025
US Federal	$	248
US State and local
California	$	106
North Carolina	39
Alabama	6
Other	5
Total	$	156
Foreign
Canada	$	225
United Kingdom	986
Germany	201
Total	$	1,412
Total income taxes paid	$	1,816